Regardless of the type of borrower you are, before you decide on which lender you choose to fund your home loan, it is equally important to ensure that you choose the features that will suit your budget and lifestyle. Accomplish Finance will listen to your choice of loan features when preparing your loan proposal. Listed are some features that you may consider when choosing your loan:
Packaged Loan
Depending on the amount that you borrow some lenders offer packaged loans with an assortment of features and benefits for an annual fee. The benefits and fees vary from lender to lender, the savings may include; no loan establishment fee, discounted interest rates; both variable and fixed, nil monthly account fee on your loan account and everyday saving accounts, discounts on Home and Contents Insurance to no annual fee on Gold Visa/MasterCard facilities. Fees, charges and conditions may apply to approved applicants.
Redraw facility
Is a feature to allow you to redraw any excess available funds you have deposited to your loan account over and above your regular repayments. This feature is offered by selected lender products. Depending on the product chosen you may be limited to the minimum amount and number of free redraws allowed each month. You may benefit by depositing extra funds into your loan account. For example; if you budget for your rates say of $1200 per annum and deposited an extra $100 per month into your loan to save for your rate account, this may reduce the amount of interest payable as the interest is generally calculated on your loan balance. You may then redraw those extra funds when you need to pay your rates or for those unexpected expenses provided the funds are still available. Generally the redraw facility is unavailable for fixed rate loans. Fees, charges and conditions may apply to approve applicants.
Fixed Rate
Fixed rate feature allows you to lock in a rate generally for one to five years to protect you against possible interest rate rises. Knowing exactly what your monthly repayment will be during the fixed rate period will assist you when preparing your monthly budget. When a fixed rate expires you will have the option to renew the fixed rate or your rate will convert to the standard variable rate on offer at the time. You may consider a combination of a variable & fixed rate loan. Fees, charges and conditions may apply to approved applicants.
Internet Banking/Telephone Banking
This feature makes life easy for people with a busy lifestyle who just can’t get to the bank during office hours. You may complete your banking when it suits you. 24 hours a day you may view your statements, pay your bills or print your statements using the internet facility at the touch of a button. Fees and conditions may apply to approved applicants.
Loan Repayment Methods
With most products you may have the option of monthly, fortnightly or weekly repayment schedules. Let Accomplish Finance show you how you may reduce your loan term and how much you may save by selecting a fortnightly repayment schedule. Fees, charges and conditions may apply to approve applicants.
